Rome - Italy's Mario Monti formally accepted his nomination as Italian prime minister on Wednesday and said he would also take the post of finance minister as he unveiled his new Cabinet.

Corrado Passera, chief executive of Italy's biggest retail bank Intesa Sanpaolo, will also take over a reinforced economic development and infastructures ministry charged with boosting the anaemic growth rate.

The swearing-in ceremony for the cabinet and a handover ceremony with the departing premier Silvio Berlusconi will be held at 16:00 GMT.

The former European Union commissioner is under pressure to end political uncertainty after Berlusconi's resignation at the weekend and implement reforms to pull Italy back from the edge of an unprecedented debt crisis.

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